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The Pamphlet Collection of Sir Robert Stout: Volume 16

Standard Property Investment Society

page 4

Standard Property Investment Society,

(Established March, 1807.)

Registered under the "Building and Land Societies' Act, 1866."

Office-Bearers:

Trustees—

  • Thomas Dick Esquire
  • George Turnbull, Esquire
  • W. H. Reynolds, Esquire

Directors—

  • Thomas Dick, Esquire (President.)
  • Messrs. J. F. Watson
  • Thos. Birch
  • W. H. Reynolds
  • Messrs. Benjamin Bagley
  • Daniel Campbell
  • A. R. Livingston

Bankers—

  • Union Bank of Australia.

Surveyor and Valuator—

  • Mr. William Langlands.

Solicitor—

  • Henry Howorth, Esquire.

Secretary—

  • Charles Reid.

Offices: Princes Street, Next Bank of Otago.

Entrance Fee, 2s. 6d. per Share; Transfer Fee, 6d. per Share.

page 5

The shares of this society will he of the ultimate value of £25, to be realised by Monthly Subscriptions of 4s. per Share, and interest thereon at the rate of ten per cent, per annum, to be accumulated till the Shares are fully realised (about seven years.)

This Society has been established on the Permanent Principle. Advances to Members are not determined by competition, nor are Borrowers charged more than will defray the cost of management, and pay Investors a fair rate of interest on the amount of their Subscriptions. The surplus Profits (if any) are carried to the credit of a Contingent Fund, and any accumulation thereof may, at the discretion of the Directors, be divided equitably and equally, at the end of every Five Years from the commencement of the Society, between Borrowers and Investors by way of Bonus. At the Annual Balance in March, 1870, there was a surplus Profit of £1835 16s. carried to the credit of this Fund. The distinctive features of this Society are:—
  • Economy in Management.
  • Encouragement to Borrowers.
  • Safe and Profitable Investment of Savings.
  • Periodical Division of Profits.

The Rules will be found to have been carefully compiled on the bases of similar Societies in the Home country (so far as applicable to the colony.)

The mode of taking securities for Advances to Members, while effectually securing the Society against the possibility of loss, is such as to entail the least possible expense to Borrowers. And provision has been made to enable Investors to borrow money on security of Shares of not less than two years standing.

Discount at the rate of 5 per cent, per annum will be allowed on payments made in advance for periods of not less than six months. Any Shareholder withdrawing is entitled to receive the full amount of Subscriptions and Profits standing to his credit in the books of the Society, on payment of 5s. per Share withdrawal fee.

page 6

Shares may be taken up at any time. Subscriptions to commence from date of entry; and the owners of realised Shares will be paid out in rotation, according to the dates of their respective entries.

This Society has now been established for the space of three years, during which time 2666 Shares have been taken up; and substantial securities for advances have been accepted to the extent of £19,892 10s.